According to Federal Tax Authority guidelines, all Warehouse keepers in a Designated Zone or multiple Designated Zones are required to appoint a certified external auditor to audit opening stock on 1st January in each Designated Zone. The Opening Stock Declaration Form needs to be accompanied by an audit report. If you fail to submit an Opening Stock Declaration, the stock held in the Designated Zone will be zero (0), which will prevent you from moving the stock outside the Designated Zone and if the opening stock declarations differ, there could be administrative penalties or Excise Goods could be considered released for consumption.
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